US STOCKS-U.S. stock futures higher after Biden election win

* Biden declared winner, Trump to challenge results
* S&P 500 2% from Sept high
* Major averages coming off best week in 7 months

By Chuck Mikolajczak
NEW YORK, Nov 8 (Reuters) - U.S. stock index futures rose on
Sunday after President-elect Joe Biden was declared the winner
on in a highly contentious election.
Biden's victory in Pennsylvania on Saturday put him above
the 270 Electoral College votes needed to secure the presidency,
four days after Election Day, although President Donald Trump
does not plan to concede anytime soon. S&P 500 e-mini futures EScv1 were up 34.5 points, or 0.99%,
Dow e-minis 1YMcv1 were up 277 points, or 0.98%, and Nasdaq
100 e-minis NQcv1 were up 147.25 points, or 1.22%.
Shares in Asia were modestly higher, with MSCI's broadest
index of Asia Pacific shares outside of Japan .MIAPJ0000PUS up
0.36% after a 6.2% gain in the prior week, its best weekly
performance in 5 months.
U.S. stocks closed Friday's session little changed, but each
of the three major indexes still managed to notch their biggest
weekly percentage gains since April, in part due to the belief
Congress will remain divided even as control of the Senate is
still undecided. "Although the President has not conceded and there was
concern regarding legal challenges, prominent Republicans,
including former President (George W.) Bush in essence publicly
called the election and the market has embraced the election
results too," said Quincy Krosby, chief market strategist at
Prudential Financial in Newark, New Jersey.
"The market is up and it looks as if we're going go
continue."
With the S&P 500 .SPX sitting just 2% from its Sept. 2
closing record, headwinds remain for equities, including a surge
in coronavirus cases that could lead to fresh government
lockdowns, with total U.S. cases approaching 10 million.
A fiscal stimulus package to combat the economic damage done
by the coronavirus is also less likely to be broad. While U.S.
Senate Majority Leader Mitch McConnell last week indicated he
desired a bill by the end of the year, he said on Friday that
economic statistics show Congress should enact a smaller plan.